TowneBank in Suffolk, Va., is buying a Raleigh, N.C., insurance agency and merging it into its insurance subsidiary.
The deal for the Stanton Taylor Agency Inc., announced Wednesday, would be TowneBank's 10th acquisition of an insurance agency since 2001. A deal price was not disclosed.
"We are pleased to welcome Stanton Taylor Agency to the Towne Family. The quality and professionalism of the Stanton Taylor staff will allow us to expand the services available to our bank and insurance clients," G. Robert Aston, Jr., TowneBank's Chairman and chief executive, said in a news release. Founded in 1999, TowneBank has $4 billion of assets and 26 branches in southeastern Virginia and northeastern North Carolina.